At the UN COP26 climate conference, signatories of the Glasgow Statement agreed to international public finance for fossil fuels. This briefing, which will be updated regularly as new policies come out and new signatories join the commitment, tracks implementation efforts and assesses whether countries are on track to keep their promise.

This paper outlines priorities for the Beyond Oil and Gas Alliance (BOGA) and its members that were identified by civil society groups to turn what has remained a largely aspirational diplomatic initiative into a force for increased climate action in line with equity, justice, and science.

The Glasgow Statement on public finance requires signatories to end new direct overseas support for fossil fuels by the end of 2022 and fully prioritize finance for a clean and just energy transition. But only a handful of signatories have begun to turn these pledges into action.

This report, Banking on Climate Chaos 2022, analyzes fossil fuel financing and policies from the world’s 60 largest commercial and investment banks. We reveal that fossil fuel financing from the world’s 60 largest banks has reached nearly USD $4.6 trillion in the six years since the adoption of the Paris Agreement, with $742 billion in 2021 alone.

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